macroafricaintel Daily Brief | 23 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asia stocks pull ahead on US stimulus, oil rebound
  • MSCI Asia Pacific ex-Japan index up 0.5%
  • Australia & China blue-chip shares up
  • Japan Nikkei up 0.8%

Oil Markets

  • Oil rises for 2nd day as producers trim output to respond to demand loss
  • Brent up 1.6% at $20.70 a barrel (0254GMT)
  • WTI more than 2% at $14.06

Precious metals

  • Gold dips on profit-taking, US stimulus caps losses
  • Spot gold down 0.3% at $1,707.76/oz. (0305GMT)
  • US gold futures down 0.3% at $1,733.40/oz.


  • Corn extends gains, weak ethanol demand outlook caps gains
  • Corn futures up 0.2% at $3.25-1/4 a bushel (0143GMT)
  • Wheat futures down 0.4% at $5.41-3/4 a bushel
  • Soybeans up 0.7% at $8.48 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • South Africa’s Ramaphosa speaks on new economic stimulus package
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Big borrowing emerging economies came into crisis with funding risks – BIS
  • Tanzania’s president calls for debt forgiveness to help battle virus
  • G20 group addresses actions to support the multilateral trading system – statement
  • Libya’s GNA focused on Tripoli battle – interior minister
  • AfDB & SA Taxi sign $100 mln loan agreement
  • Egypt amends emergency laws amid coronavirus outbreak
  • Expected Morocco cereal output down 42% this year – agric ministry
  • South Africa rand retreats as rescue package cheer wanes, stocks firm
  • Kenya parliament approves cut to corporate income tax rate
  • EBRD lends 145 mln euros to help Morocco businesses
  • Africa Oil – Dated Brent plunge hits West Africa oil prices
  • Nigeria northern governors to close Islamic schools due to coronavirus risk
  • Glencore’s Congo unit Katanga Mining to go private, warns of possible COVID-19 impact
  • Air Namibia delays April salaries as lockdown takes its toll on cashflow
  • Zimbabwe to roll back prices of staples to pre-lockdown levels
  • Few ventilators, little cash: Sudan braces for coronavirus test
  • South Africa considers flexible restrictions after lockdown
  • Libya’s GNA focused on Tripoli battle – interior minister
  • Amazon launches data centre operations in South Africa
  • Coronavirus sends Air Mauritius into voluntary administration
  • Eni says SEC closes Nigeria, Congo inquiries without further action
  • Toyota South Africa unit sees 15-20% hit to production due to virus
  • Zambia mining firms seek govt relief amid coronavirus
  • Kremlin: Too early to react to weak oil, let’s wait for OPEC+ deal impact
  • Kenya shilling holds steady against the dollar
  • Egypt to cut fuel subsidies, increase net debt issuance in 2020/21 budget
  • Uganda shilling edges down against the dollar
  • Botswana president dismisses two senior officials in health ministry
  • South Africa consumer inflation slows to 4.1% y/y in March
  • South Africa Standard Bank reports jump in Q1 impairment charges
  • Fear of coronavirus haunts Egypt cramped jails

N.B. Full stories of above headlines are available on Reuters

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